stephanie cohen goldman sachs husband

First, Goldman Sachs CEO David Solomon said it. Youre one of the few women whos risen to that level. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. Copyright 2022 HT Digital Streams Ltd All Right Reserved. Stephanie Cohen: Yeah. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. Yeah. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. One, we want to be the bank on your phone. Click the AdBlock Plus button on your browser and select Enabled on this site. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And my mom who is a history teacher at some point and really cares about history and I love history and read it. And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. More on Stephanie. In so many ways. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. Measurement made easy for your organization. The world is awash in capital and you never see that. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. Tiger Trump and nothing to ex-husband Donald Trump. You are just one step away from creating your watchlist! It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? Someone get Stephanie Cohen a set of hair clippers. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. And I have to say, I was a little bit surprised that that was the book you chose. The second thing is this kind of get stuff done attitude. By the way, a lot of people who spend their careers in financial services. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. And so what are we? Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Looks like you have exceeded the limit to bookmark the image. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. This $90 million Liked by Stephanie. Jennifer Tescher: Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. Stephanie Cohen: I love it and its the advice I give people all the time. I think Goldman has a growing number of excellent women at the firm. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. You, it turns out I learned, were once a competitive figure skater growing up. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. We do it externally. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Jennifer Tescher: My husband and I were talking about it last night, we all still need a lot of help. And I think in some ways, this podcast is an outgrowth of my curious nature. By continuing to use our site you agree to our Terms of Use and Privacy Policy. And so I did that and I mirrored that with my people. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. Well, I think Im biased, but I think I have the best job at Goldman Sachs. One, we have our advisor led businesses. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. . And so thats really what were trying to do with what were doing in consumer and in Marcus. Its complicated. Youre just one more inch and I would have landed that jump. Things like auto pay. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. Talk to me a little bit about how thats happened. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . terms: Goldman Sachs Banks Stephanie Cohen Succession. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Ms. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Our people find Dallas a really, really great place to live and raise a family.. I was a big bank diversity hire. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. And were going to be better if we do that. For the best Barrons.com experience, please update to a modern browser. The regions tech workforce is projected to expand 17% over the next decade. Or what lessons have you taken from that and in your leadership roles at Goldman? My guest today is one of the most powerful women on Wall Street. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. March 02, 2023, 14:16 IST. No question. Then President John Waldron repeated it. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. See our career opportunities. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and . How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Jennifer Tescher: Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. You are now subscribed to our newsletters. They are Goldman Sachs customers. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. and expects to roll out digital checking accounts in the next few months. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. We have businesses that do that and were really excited to do that as well. We've detected you are on Internet Explorer. She is also a Global Executive sponsor of the Women's Network. She also serves as trustee for the Board of The Economic Club of New York. Because for us, this is a business and a strategic imperative. You should spendmoney on things that truly make you happy. Goldman now has credit-card deals with I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. This copy is for your personal, non-commercial use only. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. I love that you had that visceral experience from the book and particularly given the role youre in now. Over 99% goes to all white teams. Tell me more about that choice and sort of what youve learned from it. And by the way, that portfolio is different for different people. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Some inside the bank wonder whether shes destined to rise even higher. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And how can we serve them? She is a key architect of the bank's . And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. The 43-year-old. Senior Editor, Women's Programs, American Banker. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. Stephanie Cohen: For example, when I am 60 and look back, what might I need the most? And that we were going to build an ecosystem around it. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. This copy is for your personal, non-commercial use only. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Youve begun offering credit beyond debt consolidation. Im a lifelong learner. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. To read our full stories, please turn off your ad blocker.We'd really appreciate it. This has been EMERGE Everywhere, a Financial Health Network production. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. And then how do you take that into your next role? By years end, 40% of its employees were working in those locations, the company said. She has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis. Stephanie Cohen has been at Goldman Sachs for more than 23 years. I really enjoyed hearing about how you go about listening. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. Cohen is now the committees youngest, with the rare label of ex officio" member. Stephanie Cohen is one the bank's highest-ranking female . And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . How has that influenced you? Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. We want to be the bank on your phone, she says. This is good-return investing.". Goldman Sachs managers say one takeaway of the pandemic. And so I did that. And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. The best way to do this is to have a long-term view. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. Its not a one size fits all product and solution. Im excited to see how that develops. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. And so the main thing Im focused on is people internally and externally. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Talk a little bit about how you do that as a leader. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . We could have a whole conversation you and me, just on this topic so lets do that another time. Im glad youre drilling in on it. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. And besides those numbers being kind of horrific, they are a misallocation of capital. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. And since then, youve begun offering all kinds of things. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . On September 29, 2020 . Theres a savings portion of Marcus. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. I find that being in the business that Im in, similar things happen at cocktail parties, I get random questions, financial questions and I think its clear that I am not a financial planner. In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . Jennifer Tescher: And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. A great question. Women. And we think it does help people better manage their finances. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Already a member? And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Cohen, 41, joined Goldman Sachs in. Goldman Sachs Group I did that internally and I also did it externally. Maybe If youll indulge me because I was chief strategy officer, well go up a level to the corporate strategy just for a second, which is that when we think about what were trying to do at Goldman Sachs, its to advance sustainable economic growth and financial opportunity. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. Its the ultimate man-cave. So much. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . The reality is that investing can be intimidating for a lot of people. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. How does this all fit together? But advertising revenue helps support our journalism. They are not only of course the right thing to do, but it is the only way to run the business. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Stephanie Cohen, a 41-year-old grad of the University of Illinois at Urbana-Champaign, has charted a rapid rise inside Goldman Sachs, landing a seat on its most-coveted decision-making. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or .